News Shots

  • State Bank of India said it may invest up to Rs 1,760 crore in private lender YES Bank’s upcoming follow-on public offer (FPO).
  • IndusInd Bank jumped 7 per cent after reports said that US-based hedge fund Route One Investment Company has initiated talks to increase its stake in the company.
  • Cipla has launched its generic version of antiviral drug remdesivir at Rs 4,000 per vial, which is among the lowest globally, and is looking to supply over 80,000 vials within the first month.
  • ICICI Bank’s board has approved plans to raise Rs 15,000 crore through a share sale.
  • Tata Consultancy Services is scheduled to announce its June quarter earnings on Thursday, profits expected to fall 5%. Infosys will announce its first quarter results on July 15. 
  • South Indian Bank reported a 11 per cent rise in net profit at Rs 82 crore in June quarter of the current fiscal year, compared to Rs 73 crore in the corresponding quarter of fiscal year 2019-20.
  • LIC increased its stake in GAIL by 2.014% to 7.019% via market purchases.
  • Torrent Pharma gets US FDA nod for anti-bacterial drug, Erythromycin Tablet (250-500 Mg). Aurobindo Pharma gets US FDA nod for blood pressure drug, Verapamil Hydrochloride.
  • Indian Oil Corporation has resumed work on projects worth Rs 1.04 lakh crore which will help address future energy demand as well as kickstart the economy.
  • NCC has won five contracts worth Rs 1,396 crore in June. All the orders pertain to its water division, it added.
  • Kedia Securities, owned by Vijay Kedia, acquired 0.81 percent equity stake in Tejas Networks. It bought 7,53,925 equity shares in Tejas at Rs 49.13 per share.

What to expect today?

  • Yesterday, there was clear profit booking as NIFTY reached 10,850 and NIFTY BANK crossed 23,000. So, the quick fall after that was just natural and expected, nothing to be worried about. Most banks and Reliance, IT, Auto fell. HDFC Bank is still strong, which is very positive.
  • US markets closed higher. The Asian markets are mostly positive. SGX NIFTY is currently trading higher at 10,719, indicating a slight gap up opening in the Indian Market. 
  • NIFTY is likely to trade between 10,650 and 10,800 today. There is support at 10,640 and 10,570, and resistance at 10,750 and 10,800. 
  • Highest Call Open Interest at 11,000, followed by 11,200. Highest Put Open Interest at 10,500, followed by 10,200. ‘
  • Both FIIs and DIIs sold worth nearly Rs 1850 crores.